President Donald Trump has announced his plan to discontinue the production of the US penny, arguing that its manufacturing cost exceeds its face value and that it has become largely obsolete. This move has received support from figures like Kevin O'Leary, who echoed Trump's view on the economic inefficiency of producing the penny. However, the proposal has also drawn criticism from groups like Americans for Common Cents, who argue that eliminating the penny would ultimately lead to higher costs for the government. The US Mint's data reveals the significant financial burden associated with producing each coin, with the penny costing more than twice its face value. The Department of Government Efficiency (DOGE), led by Elon Musk, has also weighed in on the issue, suggesting that eliminating the penny could be a cost-saving measure.
President Donald Trump has declared his intention to eliminate the US penny, citing its high production cost. In a post on Truth Social, Trump stated, 'For far too long, the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies.
' This move has garnered support from prominent figures like 'Shark Tank' investor Kevin O'Leary, who echoed Trump's sentiment during an appearance on 'Varney & Co.' O'Leary questioned the logic of producing a coin that costs more to make than its face value, stating, 'It's stupid. Why would you pay $0.02 for a commodity that's worth one?'The US Mint's data for fiscal year 2024 reveals the staggering cost of producing each coin: $3.69 for a penny, $5.76 for a dime, $13.78 for a nickel, and $14.68 for a quarter. O'Leary further argued that the penny is largely obsolete, stating, 'Who uses a penny anyways? Unless you're putting them in your loafers and nobody does that anymore. Get rid of it. It's useless.' This sentiment aligns with the stance of the Department of Government Efficiency (DOGE), led by billionaire Elon Musk, which recently highlighted the financial burden imposed by penny production on American taxpayers. DOGE suggested that eliminating the penny could be one of the measures the department considers. However, the proposed elimination of the penny has also faced criticism. Mark Weller, Executive Director of Americans for Common Cents, argued that eliminating the penny would ultimately cost the government more. He explained that without the penny, the demand for nickels could surge, leading to a doubling of nickel production and exacerbating the Mint's financial losses. Weller advocated for a comprehensive approach to any changes in US coinage, emphasizing the need to revamp the nickel and evaluate the Mint's overhead expenses. The history of the US penny dates back to 1792, when it was one of the earliest coins minted by the US Mint. Originally larger and made of pure copper, the penny has evolved over time to its current smaller form, primarily composed of zinc
DONALD TRUMP US PENNY KEVIN O'leary ELON MUSK DEPARTMENT OF GOVERNMENT EFFICIENCY AMERICAN TAXPAYERS US MINT
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